Pattern formed- Cup and Handle pattern
EURUSD surged sharply after a long consolidation. It hit a high of 1.11987 at the time of writing and is currently trading around 1.11888.
US Conference Board consumer confidence for Sep declined to 98.7 missing analyst estimate of 103.90. Richmond's manufacturing index edged down to -21 in Sep from the previous month's -19.
The pair trades above short-term (34 AND 55 EMA) in a 4-hour chart. Major resistance to watch- 1.1200. Any violation above 1.1200 targets 1.1280/1.1300.
Major support- 1.1178/1.1120/1.1060/1.09880.
Indicators ( 4- hour chart)
Directional movement index -Bullish
CCI (50)- Bullish
CCI(14)- Bullish
It is good to buy on dips around 1.11870-880 with SL around 1.140 for a TP of 1.1278.
